The impending retirement of aging Baby Boomers is quite likely to re-establish the trend of
A. discretionary and mandatory spending, becoming virtually indistinguishable.
B. discretionary spending, becoming an ever-larger share of total federal spending.
C. mandatory spending, becoming an ever-smaller share of total federal spending.
D. mandatory spending, becoming an ever-larger share of total federal spending.
Answer: D
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A ticket to an Eric Clapton concert costs $45. If you have a ticket, you can “scalp” it (sell it illegally) for $75. To a ticket holder, the opportunity cost of actually attending the concert is
A. $45. B. $50. C. $75. D. $115.
Vertical integration can lower firms' costs through each of the following except which one?
A) lowering transaction costs B) accommodating technological interdependencies C) creating synergies D) creating managerial diseconomies
By measuring the price elasticity of demand in terms of percentage changes, economists are able to compare the way consumers respond to changes in the prices of different products
a. True b. False Indicate whether the statement is true or false
Because the height of the demand curve measures the marginal value of the good to consumers, the fact that a demand curve slopes downward to the right illustrates that
a. as more of a product is consumed, consumers will value additional units less. b. as more of a product is consumed, consumers will value additional units more. c. the value of additional units of the good is unrelated to the amount consumed. d. the cost of production for a good generally rises as more of it is produced.